HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Over 15 years' experience in both finance and healthcare, covering clinic operations, investment and equity research in both China and overseas.

Pre-IPO Viewtrix Technology (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Lung Fung Group (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Lingyi ITech Guangdong (PHIP Updates) - The Business Model and the Outlook

Pre-IPO HLA Group (A/H Listing) - The Outlook Is Not Optimistic

Pre-IPO Changchun High-Tech Industry (A/H Listing) - The Business and the Outlook

Pre-IPO CSPC Innovation Pharmaceutical (A/H Listing) - The Outlook Is Not Optimistic

Equity Capital Markets

BioRay Biopharmaceutical / Equity Capital Markets

<ul>
<li>Once cost control policies and biosimilars VBP continue to be deepened, the growth of established products will decline.BioRay's future hinges on whether it can achieve further innovative leaps beyond biosimilars.</li>
<li>BioRay’s business model distinguishes it from a large number of biotech companies that have not yet turned a profit. So, its valuation method is more similar to traditional pharmaceutical companies.</li>
<li>Given the concerns on growth outlook and pressure on profit margins, but with stable cash flow/potential for business transformation, valuation of BioRay would be lower than peers Henlius, Hansoh, 3SBio. </li>
</ul>


Once cost control policies and biosimilars VBP continue to be deepened, the growth of established products will decline.BioRay's future hinges on whether it can achieve further innovative leaps beyond biosimilars.
BioRay’s business model distinguishes it from a large number of biotech companies that have not yet turned a profit. So, its valuation method is more similar to traditional pharmaceutical companies.
Given the concerns on growth outlook and pressure on profit margins, but with stable cash flow/potential for business transformation, valuation of BioRay would be lower than peers Henlius, Hansoh, 3SBio. 


Pre-IPO BioRay Biopharmaceutical - The Core Business Is Facing Challenges